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Boeing Falls – Black Boxes of Crashed Indonesia Plane Will be Located

Boeing falls after a Boeing 737 500 passenger plane operated by Sriwijaya Air crashes into the sea Saturday off of the coast of Indonesia.

Boeing (BA) – Get Report shares declined Monday following a Boeing 737 500 passenger plane operated by Sriwijaya Air crashed Saturday into the ocean off of the coast of Indonesia after taking off from Jakarta.

The plane, a 737 500 aircraft, was 26 years of age, a lot older than the Boeing 737 MAX which was seated in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia that killed 189 people in 2018.

Black boxes of the plane had been located and communications information has been obtained, CNN reported.

The head of Indonesia’s National Search and Rescue Agency said late Sunday that the 2 black boxes from the Sriwijaya Air flight were believed have been detected within 150 meters to 200 meters of the crash site, as reported by CNN.

The Boeing 737 500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday. The Sriwijaya Air flight had sixty two folks aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. 12 on board were crew members.

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Boeing shares fell 1.81 % to $206.02 in trading Monday.

The crash comes just days after jetmaker Boeing agreed to pay a $2.5 billion fine over fraud and conspiracy charges linked with its 737 MAX jet program.

The settlement entails a criminal penalty of $243.6 million, according to the conduct of 2 former MAX method technical pilots, along with the establishment of a $500 million fund to provide compensation for families of the victims of the Lion Air and Ethiopian Airlines crashes, the company said.

Boeing said the deferred prosecution agreement with the Department of Justice, which it entered into on Thursday, is going to impact the company’s fourth quarter earnings by $743.5 zillion.

“I firmly believe that entering into this particular resolution is actually the best thing for us to do – a step which properly acknowledges how we fell short of our values as well as expectations,” said CEO Dave Calhoun. “This resolution is actually a serious reminder to all of us of just how critical the obligation of ours of transparency to regulators is actually, and the consequences that the business of ours can face when any one of us falls short of those expectations.”

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